By Jason Catullo
SEMA Market Research reports that sales for light-truck products reached $5.57 billion in 2013, which is an 8% increase compared to 2012.
After hitting a peak in 2007, the light-truck accessory segment was one of the market niches most affected by the recent recession and the escalation of fuel prices in the last few years. But signs are pointing up, according to SEMA Market Research, as sales for light-truck products reached $5.57 billion in 2013, which is an 8% increase compared to 2012.
Once dominated by accessory and appearance products, only to lead to the recession crash, their rebound is driving current growth. A closer look at the market also reveals that while off-road product sales have held relatively steady since 2007, they increased more than 6% in 2013. In terms of product categories, manufacturer sales in the off-road market are led by wheel, tire and suspension products, followed by accessory and appearance products and performance components.
“The light-truck sector has always been an important part of the specialty-equipment market, as trucks are accessorized for a wide variety of applications,” stated Gavin Knapp, SEMA senior market research manager. “With new truck sales on the rise again and the economy stabilizing, the light-truck parts and accessories market looks set to re-emerge as a growth engine for the industry.”
This information and more is available through the recently released 2014 SEMA Annual Market Report. Members: Download a free copy of the 2014 SEMA Annual Market Report, which provides detailed insight on the compact-performance, street-performance, light-truck, off-road, restyling, restoration, street rod and custom, and racing niches.
The SEMA Annual Market Report is conducted yearly to help SEMA-member companies understand the industry and make informed business decisions. SEMA research reports are available to SEMA members at no cost, and to nonmembers at a nominal fee. SEMA research reports are listed and can be accessed at www.SEMA.org/research.
Media members interested in learning more about the current market for light-truck accessories are invited to join nearly two-dozen exhibitors during the first-ever SEMA Show Media Preview, taking place Monday, November 3, from 1:00 p.m.–5:00 pm. Sponsored by the Truck and Off-Road Alliance (TORA), this event is designed specifically to provide journalists with early access to exhibitors decicated to the light-truck accessory market.